Farr Trust leaves lasting impact

Frank and Alice Farr were credited more than 35 years after their passing for setting an example that proved to be game-changer for their beloved hometown Aurora.
When Frank died in 1983 he left his entire estate to his wife, Alice, who ultimately decided to create the Frank and Alice Farr Trust upon her death in 1984, which was honored last week with the Hamilton Community Foundation’s Community Impact Award.
“When you drive down the highway and see all these buildings, the library and everything, it’s all got a fingerprint from the Farr Trust,” said Jim Koepke, a retired banker who served as executor of the trust for many years.
Frank M. and Alice M. Farr were both active community members in Aurora who contributed $3.1 million to a trust in their name with the understanding that all net income would be expended for the betterment of people in Hamilton County. Frank worked at First National Bank (which would later become Heritage Bank) from 1934 until his retirement in 1972.
Koepke knew Frank and Alice Farr well, joining First National Bank when Frank served as its president. Koepke shared the story of how the trust bearing their name came to be with a room full of folks gathered to celebrate all that HCF has accomplished.
“He and his wife were very frugal and saved a lot of money,” Koepke recalled in a brief video presentation. “They had no family, and at his death they read his will. It left it all to her, she was the sole survivor, and we said ‘Mrs. Farr, you just inherited $3 million … She said, ‘What am I going to do with it?”’
Koepke recalled that he and the late Tim Otto talked at length with Alice about considering a plan to give the money back to the community which helped them earn it.
“We said to her, ‘Well you know, where did you make that money?’ and she said, ‘We made it all in Aurora. We came to Aurora on the train with nothing, and all the money we have, we didn’t spend anything, we just saved it all.’ We said wouldn’t it be nice to give it back to the citizens of Hamilton County, and she said that would be awesome.”
Koepke recalled the details of creating the Farr and Alice Farr Trust in 1985, establishing a fund that’s proceeds were intended for the betterment of Hamilton County.
“Over these last 35 years we’ve given away nearly $8 million in the community,” Koepke reported. “That helped build the hospital, the Edgerton (Explorit Center), the museum. It helped all these entities because of the money that they were able to give to it.
“And that goes on forever,” he added. “They’re giving away $200,000 every year for ever and ever, and of that nearly 20,000 is in scholarship money every year. We give away 15 $100 scholarships in memory of Frank Farr. That’s been going on for 35 years, and that’s where we’ve given over half a million dollars.”
Reflecting on Koepke’s many years as executor, HCF Executive Director Tammy Morris said there are many local projects that might never have happened if it wasn’t for the Farr Trust.
“They’re fortunate to have trustees who know our community and care about our community,” Morris said. “What I think is most special is the continued footprint that Frank and Alice have in our community through the Farr Trust, and the Farr Trust is exactly who we had in mind when we created the Community Impact Award.”
“There’s a culture in Hamilton County about giving,”    Koepke concluded. “That’s what is so unique and that’s why I love Hamilton County and the giving that people have done.”